The CBEC has issued notification nos. 55-66/2017-Central Tax, Circular no. 16/16/2017-GST, 17/17/2017-GST and order no. 9-10/2017-GST, all dated 15 November, 2017. While majority of the amendments give effect to the changes announced in the 23rd GST Council meeting, there are a few other significant relaxations, Continue reading
The Government has tweeted on its official twitter handle for queries on GST about the extension of due dates for submission of detailed returns in Forms GSTR 1, GSTR 2 and GSTR 3 for the months of July and August, 2017. The formal notification for extending the timelines is expected shortly. Continue reading
Considering the preparedness of the Industry, the GST Council has relaxed the return filing timelines for the first two months after the introduction of GST. The GST Council also finalised five sets of rules (except e-way bills) and the rate of tax on lottery, in addition to amending the rate of tax for the hospitality industry. Continue reading
At its sixteenth meeting, the GST Council decided to reduce the tax rates on 66 items out of the 133 items for which it had received representations. Continue reading
The Central Government has issued draft rules for accounts and records, appeals and revision, and advance ruling. This is in addition to rules issued earlier for comments from the stakeholder. With this, the Government has issued most of the rules for the Goods and Services Tax regime.
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In a constructive meeting of the GST Council, various important aspects have been finalised. The CGST and IGST laws have been formally approved by the GST Council. Continue reading
Even though no progress was made in the last GST Council meeting on 2 and 3 December 2016, last month had seen substantial developments on the GST front. Few of these have been summarised below for reference:
(i) Rates decided
In the meeting held on 3 November 2016, a multi-tiered GST rate structure was finalised as under: Continue reading